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Workers’ remittances up 5.4% in Feb

Workers’ remittances recorded a growth of 5.4% year on year to US $ 527 million in February 2020, latest External Sector Performance report of the Central Bank of Sri Lanka outlines.

On a cumulative basis, workers’ remittances grew by 6.0% to US $ 1,108 million during the first two months of 2020 in comparison to the corresponding period of 2019. However, workers’ remittances are also likely to be affected by the COVID-19 outbreak in the forthcoming months, with key sources of remittances such as Italy, South Korea and the Middle East being affected by the pandemic and the resultant economic slowdown.